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robert frank is here with a look inside the homes for sale only the megarich can afford. who says the ultra luxury market is topping out. all coming up on "the closing bell." in america today we're running out of a vital resource we need to compete on the global stage. what we need are people prepared for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisco to help make sure everyone is ready with the know-how we need for a new tomorrow. [ male announcer ] make sure america's ready. make sure you're ready. at devry.edu/knowhow. ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. >>> welcome back. the dow taking a breather on its march to an all-time high. the level to beat 14,164 unchanged set back in october of 2007. let's get to kayla tausche. >> it's been a long and winding road for the last five years, but even with the dow just shy of that high, toda
. remember this. >> remember what his specialty is. >> up next, nothing get our editor robert frank's juices going that shows money migrating from high tax states to low tax states but that's the kind of guy robert is and the other man that's done all the research going back to 1995. some of his findings may shock and amaze you. we're back after this. h fidelit, but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. humans. even when we cross our t's and dot our i's, we still run into problems. namely, other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car re
jumping at the offer? robert frank will explain. >> then up next, are rumors of the housing recovery premature? we have some troubling signs still to come. stop! stop! stop! come back here! humans -- we are beautifully imperfect creatures living in an imperfect world. that's why liberty mutual insurance has your back with great ideas like our optional better car replacement. if your car is totaled, we give you the money to buy one a model year newer. call... and ask one of our insurance experts about it today. hello?! we believe our customers do their best out there in the world, and we do everything we can to be there for them when they need us. [car alarm blaring] call now and also ask about our 24/7 support and service. call... and lock in your rate for 12 months today. liberty mutual insurance. responsibility. what's your policy? >>> mortgage applications are feeling the chill of december falling for a third straight week and word out of the fed has some worried that interest rates could be on the rise sooner than expected. our resident housing expert diana olick joins us now wit
! the batmobile from the popular 1960s tv series hits the black this weekend. our robert frank on the lowdown with how high the bidding could go. which batmobile would you buy right now? we'll reveal the most popular coming up. i'd say you've got to go with adam west or michael keaton, my two favorites. what is your favorite? back in a moment. e >>> welcome back. another blockbuster week of earnings ahead. kayla tausche running through the roster to determine if the rally could continue. over to you, kayla. >> reporter: 62% of the companies have beat profit estimates, though blended earnings growth just 2.5% per thompson reuters. more data points next week, even though it's a short one. got a busy calendar. tuesday, kicking off with five dow components. chemical giant dupont, johnson & johnson representing big pharma, verizon, ibm and travelers, google's first earnings since last quarter's press release misfire showed falling ad revenues there. on wednesday, mcdonald's expected to post flat profit from a year ago during a quarter where same-store sales hit a roque patch. after the market clos
. and a city with $10 million homes for sale. robert franks has the answer and he will join us in a second. >>> welcome back to "power lunch." bob pisani is on the floor of the nyse. kind of dead in the water at this point, bob. >> the key is to watch what is going on with the banks. let's look at the banks. they are all down. don't get surprised. this always happens, first day of bank earning sea son. they always move to the down side. wells fargo, nobody is upgrading their point on what they said. it is hard it argue for loan growth. that what we need and steeper yield curve. if you buy that, a lot of these are holds right now. let's move on. i just want to show you american express. i know a lot of people are talking about layoffs. slowly exiting the travel business. . >> credit card spending up 8% year over year. that's an excellent number. this stock is a couple dollars away, from an historic high, 52 week high. by the way, rewards program, they've got the best out on the street. the amount they recognize to pay out to rewards members is up a little bit too. that may be pressuring sto
.s. safety tests yet. our wealth editor robert frank takes one for a careful spin. stay with us. ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got
claiming the prize. our robert frank with the developments and high hopes with washington stayed and colorado legalizing recreational marijuana. medbox is hoping its vending machines will join us. their ceo joins us on the other side of this break. back in a moment. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. >>> welcome back. authorities uncover new info
ranks first for the highest taxes of a percentage of your income. wealth editor robert frank with the rankings next. >>> and the other sure thing in life, death. coming up, the business of dying and why watching your waistline may be just as important in death as it is in life. also ahead -- >> i talked to chris this morning, and you have to understand that chris made a very idiotic statement. >> yeah, san francisco 49ers ceo jed york doing some damage control following anti-gay comments made by this player, 49ers cornerback chris cull i ever. we'll have the latest on the controversy. stay with us. [ woman ] don't forget the yard work! okay. [ male announcer ] with citibank's popmoney, dan can easily send money by email right from his citibank account. nice job ben. [ male announcer ] next up, the gutters. citibank popmoney. easier banking. standard at citibank. makes it easy for anne to manage her finances when she's on the go. even when she's not going anywhere. citibank for ipad. easier banking. standard at citibank. >>> welcome back. who is number one when it comes to sta
. >> torrey pines in san diego. >> robert frank, you have been doing digging, looking at what the tax numbers are. does he pay anything close 2062%? to 62%? >> we don't know what he is paying, but if he is paying 62%, he probably needs a new accountant. we start with the federal income tax, 39.6% for top earners. california income tax at 13.3%. medicare and medicaid, 2%. health care tax, 0.9%, self employment taxes, 15.3%, that's only on the first $113,000 in income, he earns a lot more than that. 2.9% after that. that's the real rate. local taxes for when he wins a tournament, 1%. you add all that up, the highest possible rate he could pay is 59% to 60%. but he's not paying that, here's why. let's look at some basic planning. i deduct your state taxes from your federal. you deduct your golf expenses, business expenses, do some retirement planning. probably has some investment income, aside from his ordinary income, and you have mortgage deductions. some basic tax planning thing. he's probably paying, let's get the number here, more on the order of around 50% to 52%, that's being very conserv
's own robert frank has the details. >> good evening. well, it sounds like the perfect california dream. at least for politicians. in november, voters passed the 13.3% for the highest earners. that's the highest in the country. a month later, well, presto, income tax revenues exploded. surging $760 million more than expected. that sudden wind fall along with other revenues led to a very rosy outlook for 20013. governor brown said he'll have a balanced budget in 2013 after years of the massive deficits, but it may be a mirage. here's why. budget experts say that december money was a one off tied to the fiscal cliff. the wealthy of course took gains in december, so they could avoid those higher tax rates in 2013. now, the revenues from the new california tax rates won't kick in until this quarter or later. that means they could have a rude awakening this month or next when that money doesn't arrive. as brad williams, a california budget expert told me, we suspect those added revenues were related to the federal tax changes rather than the state tax rates. it shows that california is more
in this tax deal? our wealth editor robert franks says actually not bad. hi, robert. >> hey, kelly, not bad at all. indeed, the wealthy will see their taxes go up under this cliff deal but not as much as many had feared, especially for investors. let's take a look. we expected that top rate would go to 39.6% from 35%, and, of course, it did, but only for those making $400,000 or more or families making $450,000 or more. now, those folks will see their taxes go up an average of about $20,000. those making more than $1 million a year, they will see their taxes go up by about $120,000. now, that's an average. for people who make more of their money from investments, tax rates will remain much lower. taxes on capital gains, only went to 20% from 15%, but the biggest winner in this fiscal cliff deal were the wealthy investors who make their income from dividends. obama proposed taxing dividends at 39.6%. the current rate is 15%. it didn't happen. it only went to 20% so despite all the talk about the buffet rule and the investors playing lower rates than the salaried rich investment income is tax
. software pioneer john mcafee the bizarre story could be headed to hollywood. robert franks is here with the details. >> reporter: we all said this could be a movie and now it will be. the story was purchased by warner brothers which is now going to make a movie on this. they have chosen the team behind "crazy stupid love" to write and direct this movie. it wasn't john mcafee who sold the rights, we're told. it was basically the article by joshua davis in "wired" magazine that was purchased for the life story, so it's possible we could have two movies, one by joshua davis and one, of course, john mcafee himself who is out there, we're told, trying to also sell his life story for a buck and a movie. no word on who would play him. i think robert downey jr. would be good for one of them. >> like this a lot. when is this expected to hit then? >> no schedule yet. these things take a couple of years, though they are now speeding them up. my question is also there's no ending for this move yet. we don't know whether he had anything to do with this murder. we don't know what he's going to d
would be right. robert frank will tell you which sectors have piqued their interest. >>> is wall street back? was it ever gone? we'll be right back. >>> all right, dow jones off 24 points. s&p is fractionally higher. you can almost call that unchanged. nasdaq up about eight point. kenny is back. director of floor operations for o'neill securities. good to have you back. we missed you. >> pleasure to be back. >> we saw mixed results on the financials today and yet this mark set proving to hold up pretty darn well. >> the mark set holding up. when you look at goldman numbers and jp, goldman blew it out of the water. but look at what is the news is doing. the overall mark set not getting excited about it. i think that gez right to the point that mark set still very concerned about some of the broader issues and the rest of earning season which will be next week and the week after. right? >> is that key? washington is going to do what washington is going to do or not do. >> i think that is key. i think the market, until the market gets more clarity out of washington. if we hit the debt ceil
robert frank. thank you. >> life, liberty and the pursuit of happiness. i love that. freedom and free markets, i'm larry kudlow, i'll see you tomorrow night. hey! did you know that honey nut cheerios has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy. you know it can be hard to lbreathe, and how that feels.e, what's the rush? copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-ups.
that with global coordination. >>> cnbc's robert frank takes us inside for an exclusive look at this property and explains why sky high real estate prices didn't scare away buyers in 2012. >> this is the most expensive co-op on the market in new york city. price tag? $95 million. the apartment takes up the entire 18th floor of the famous sherry netherlands building overlooking central park with seven bedrooms, eight bathrooms and three elevators. what is not included in the rice tag? maintenance fees that will run you about $60,000 a month. between maintenance fees, insurance, caretakeres and more, expenses just keep this mega home up and running are around $1 million a year. but sky high prices are not scaring away buyers. sales of homes in new york city worth $10 million or more jumped 44% in the last quarter of 2012 compared to the fourth quarter of 2011. why the big rush for a pricey pad? fiscal cliff fears in late 2012 spurred a frenzy for 2012 and sellers were anxious to unload their properties before tax rates went up. those would beat the fiscal cliff deadline saved big, avoiding the
? the cliff deal. both editor robert frank is obt case. robert? >> the stocks aren't the only reasons investors are happy this afternoon. the cliff deal favors the wealthy who make their money from investments over the plane old salaried rich. we will have that coming up next. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> tomorrow a very special edition of "power lunch." basically the golden globes of the mutual fund business. live from chicago, i'll be hosting the morning star fund manager of the year awards for 2012. the best managers of 2012 will be with us on stage there. you will get their advice on playing the tr
unusual grounds. our wealth editor, robert frank, is here with the details on that. hi, robert. >> hi, sue. that right, goodman is arguing that the jurors could not see past all his money. well tell you about what i call bentley bias, after the break. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. [ mal
up for auction this weekend. our own wealth editor robert frank has the stats on a few famous sets of wheels. robert? >> indeed, simon. more than 2,000 cars to be
murder mystery. a chicago man dies after hitting the lottery. wealth editor robert frank has this troubling story which sadly may not be entirely unique. robert? >> that's right. well, the man was working at a dry cleaner in chicago when he scratched off his lottery ticket and won $1 million. just one day after getting the check, he was found dead. now an autopsy has found he was poisoned with cyanide. police are still investigate, but the case is just the latest in a string of unhappy endings for big lottery winners. jack whitacre was until recently the biggest lottery winner in history. $314 million in 2002. the west virginia contractor had a successful small business before he won. but after that big check he got divorced, was robbed at a strip club and had multiple run-ins with the law. his beloved granddaughter died of an overdose. he now only gives interviews for money. then, evelyn bayshore won $5 million in the '80s. she was besieged by thiefer and hangers on. she said the lottery was a curse, not a blessing. she's not alone. studies show that lottery win r winners a
soaring throughout the crisis and recovery. robert frank is on the really big, big money beat for us today. hi, robert. >> hi. big money and high maintenance fees. the cost is usually measured by the real estate. but for buyers, it is the maintenance fees that can break the bank. cnbc takes you on a tour inside the most expensive co-op on the market in new york city. listed for 95, that right, $95 million. you won't believe what it cost just to keep this mega mansion up and running. let's take a look. >> what the homeowner's association cost? >> we call it maintenance. >> okay. >> homeowner association and real estate taxes are combined in one monthly figure. and what the number? including made service twice a day. and all of the other amenities which come with this, which include a spa. >> maybe up into the 50s. >> a little under $60,000 a month. >> that actually very reasonable. >> yeah, very reasonable. with maintenance fees, that around $720,000 a year. include care takers, your insurance, cleaning staff and more. and it probably cost around $1 million a year, just to keep the lights o
? coming up robert frank will explain why that offer may be too good to be true. my eye on her...kept but with so much health care noise, i didn't always watch out for myself. with unitedhealthcare, i get personalized information and rewards for addressing my health risks. but she's still going to give me a heart attack. that's health in numbers. unitedhealthcare. i'm here to unleash my inner cowboy... instead i got heartburn. [ horse neighs ] hold up partner. prilosec isn't for fast relief. try alka-seltzer. kills heartburn fast. yeehaw! at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any quest
investigators say he may have been poisoned. that not all on the story. our robert frank is coming up with the details. stay with us. ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >>> look out, kfc. mcdonald's is getting serious about the chicken wing business. jane wells has those details. jane? >> reporter: scott, this is football party gold. so why is this chicken wing from buffalo wild wings quaking with fear? because mcdonald's has cast its eye upon it, testing a mighty wings product. will wing grow sales, cannibalize mcnuggets, be a natio
. the dead man's wife has lawyered up and now the family is fighting over the cash. our robert frank is on top of that story, and he's going to have the very latest. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. introducing the all-new 2013 lexus ls f sport. are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. w
happens when the government continues to raise taxes. also with us is our wealth reporter robert frank. let's do the math very quickly. when phil says his tax bite would be 62%, who is telling me now? >> you talk to any accountant. i talked to a lot of accountants today who worked with professional athletes and they say, really, there's little chance that mickelson or any athlete is paying more than 50% to 52%. even look there, that is a lot of taxes, and we have to keep in mind that for shows who take a shot at him or not, his tax rate, along with other californians, has increased 7.9% over the past three months. remember, california passed that increase proposition 30. that added 3.3%, plus that new federal tax rate, so 7.9%, so there's a lot of wealthy people in california, maybe not as rich as he is, who are thinking this same way and have a lot of sympathy for this type of argument. >> lindsey, how do you think rich people behave when they are confronted with taxes like this, they move? >> i think the average person has a hard time feeling sorry for a pro athlete making 50 million
relative so almost everyone i talked to it was all cash. wow. >> robert frank, thank you very much, sir. >> thanks. >> let's go from the hamptons to their 2 wine because today's sign of the times has people screaming what the chuck? trader joe's is getting a price increase. a bottle of their bargain wine will now cost 2.49, up from 2 bucks. apparently it was a bad season for california vineyards so pay up a little bit for two buck chuck. dow up again, 45 point right now. thanks for watching "street signs" live from the new york stock exchange. "closing bell" is up next with at least one big-time two buck chuck drinker. mandy, you'll have to pay up a little bit more. >>> and we welcome you to the new york stock exchange on "closing bell." i'm bill griffith here. the dow was up 100 points today. we had this rally continuing here, but we have come off those highs. we'll see what we can do in the final hour of trading here. >> we'll see what we can do. i'm mandy drury. standing in for maia. she will be joining us nonetheless very soon from davos speaking with citi ceo michael corbat, the fi
robert frank had it right. there is a real personal -- >> the ego trumps the money. >> baggage here. these guys really strongly dislike each other. remember watching obama and romney on the campaign trail and in the debates? these guys really couldn't stand each other. that was the palpable feeling at times. i think we heard that over the phone today. the rhetoric speaks for itself. >> mandy just pulled an irish exit. puff of smoke. boom. she is hosting closing bell. let's finalize it with this. what is the next step? is it over between these guys? what is going to happen here? >> i think they've had their say for today. i wouldn't be surprised if some sort of words resurface weeks from now. i think the herbalife saga will go on. ackman will certainly continue to make his feelings public and eiicahn can't resist a jab. >> he was talking about herbalife being short, difficult to borrow. i got an e-mail from a prominent hedge fund manager. he said it is wrong. it is easy to borrow herbalife shares right now and the cost to carry is not that bad. so was icahn wrong on the short? one he
, but upkeep, garden webs staff, dresses, everything that goes with it, well talk about that with robert frank as well. back to you on "power lunch." >> can't wait for that one, mandy. thank you very much. this is a booming section of the tobacco industry. none other than the electronic cigarettes. it is making cigarettes more life like and big tobacco is taking notice in a big way. jane wells is in los angeles with more. hi, jane. >> hi, sue. for those of you trying to quit smoking this year, big tobacco's not worried. it is investing in a solution to your resolution, competing with a diverse group of tech startups. >> who's got my god [ bleep ] cigarette. >> james cameron took heat for having his character played by sigourney weaver in "avatar" smoke. >> john cameron bag ceo of safecig, to build a product becoming ever closer to recreating the experience of smoking without the carcniogen. >> they still inhale nicotine like an asthma inhaler. not everyone is convinced they are safe. >> right now the e-cg category is around 400 or 500 million. it will likely double next year. >> pioneered by s
, and then the powder bathroom here. >> what's going on? cornell economics professor robert frank has some thoughts. >> over the last 30 years, almost all of the income gains have gone to people at the very top of the income distribution, and so people at the top have been building much bigger houses. people who are just below the super rich, well, maybe they wanted to build bigger but were afraid it would be unseemly to do so. now there's this 70,000-foot monster above them. that clears the way for them to build 60,000 square feet. and so it trickles on down, one step at a time. >> to your neighbor, who doubles the size of his house. now your house is suddenly small, so you build a bigger one. it's kind of like an arms race, only it promises mutually assured expansion. >> it's exactly like a military arms race. one side buys bombs; so does the other. and then they're back where they started. the norm for what constitutes an acceptable house just changes. >> well, it's not exactly a small kitchen, is it? >> no, no. i'm a cook, so i built this kitchen for such. wanted to make sure that i got all of
this weekend. we'll tell you how it can be yours. robert frank is up after the break. at 1:45, the aflac duck was brought in with multiple lacerations to the wing and a fractured beak. surgery was successful, but he will be in a cast until it is fully healed, possibly several months. so, if the duck isn't able to work, how will he pay for his living expenses? aflac. like his rent and car payments? aflac. what about gas and groceries? aflac. cell phone? aflac, but i doubt he'll be using his phone for quite a while cause like i said, he has a fractured beak. [ male announcer ] send the aflac duck a get-well card at getwellduck.com. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> if you love cars then you should be in scottsdale, arizona this weekend where everything from lamborghinis to the batmobile is up for auction. robert frank has some
on the sector. is a run-up almost over? we're talking tranies a little later on. robert frank is coming to the post for the million-dollar minute. >> melissa, i've got the hottest new toy for billionaires. and why this toy made some big news this week. that's coming up on "squawk on [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from
, right? robert frank says maybe not. how come? >> well, simon, as you mentioned, normally higher taxes means less money for charity. the wealthy see charity and taxes two sides of the same coin. taxes go up, charity must go down. press secretary for george bush summed it up in a recent tweet saying, quote, i and many others will likely donate less in 2013. but a new study from the nonpartisan tech center says charitable giving may actually increase this year by $3.3 billion. tax hikes are actually the main reason why. here's how it works. taxpayers deduct their charity at their marginal tax rate. last year the wealthy could deduct 35 cents for every dollar they gave. the current rate is 39.6%. so they can deduct 39.6 cents for every dollar they give. their cost of giving has, in other words, fallen by 7% for those making $400,000 or more per year. the same is true if you're giving away stock or real estate that's appreciated in value. the higher capital gains rate making giving more economically attractive. the cliff deal does limit certain deductions. but the benefits of these higher
? robert frank will take a look at the number of jets scheduled to fly in. you might surprised at his findings when we come back. if you think running a restaurant is hard, try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. [ male announcer ] you are a business pro. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro. >>> the president nal inauguration, many of the rich may be staying home as robert frank explains here at post 9. >> the presidential inauguration is usually the parties of the year. espe
-hyped supercar. the pagani. there may be one small problem, cnbc's robert frank has more. >> thanks, carl. good morning. well, some brand names are known only to the super rich and pagani is one of them. the cars are worshipped by car oh fis y fis yo nado. they've already sold more than 100. it means god of the wind in ancient inca dialect. the first delivery scheduled for july. that is if the car is legal. right now, the wira is not approved by the transportation department for u.s. roads. now, pagani said it's just a formality. but pagani's last car was never street legal in the u.s. it didn't have passenger side air bags. another safety feature. pagani said it couldn't afford to do the crash test on the zanda, it has done the crash testing on. huayra. a $6 million car crash we're looking at. who is buying it? the company won't say, but jay leno drove the same car i did down in miami and he said, quote, it's unbelievable, like a dream come true. we'll see, carl, whether that dream becomes a reality this summer. >> that hurts. that just hurts so much, that video right there. >> $6 million cras
back, looking to escape from the daily grind of the city. robert frank takes you to a private island 15 minutes from manhattan. it could be yours if you've got something close to $20 million. back in a couple of minutes. [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pursuit. >>> the financial elite are meeting at the economic forum in davos, switzerland, this week. jamie dimon sat down with our own maria bartiromo. we have more on that interview. maria? >> hi there, melissa. that inte. >> this morning i moderated a panel and it was a big debate on how the financial services sector will evolve. people like axel weber, who you will hear from later on "the closing bell." basically believes the big banks are going to have to split up. and the imf believing the same thing and then there's jamie dimon who continues to defend the large banking-type situation to encourage constant financing of corporations all around the world. talked a bit about that. the panel did get a bit feisty about that, but then
in to wealthy children. apparently it's a tough task. robert frank is here to run through the paradox of rich parenting today. oh, the troubles we face. >> yes, it is a high class problem. but an interesting one. when they ask the wealthy about their most important goal, it's not making more money or paying less taxes. it's raising normal kids. and that's not an easy task. a new survey those 80% of american millionaires say raising hard working independent children is their top concern in life. 60% said their kids should create their own wealth. these millionaires of course grew up middle class and want the same values for their own kids. more than three quarters of today's millionaires said they grew up in, quote, average financial situations. the trouble is that their kids are being raised very differently. while rich parents want their kids to create their own wealth, they're also giving their kids large wealth. 60% are leaving their kids substantial forces and half are giving them more than a half million dollars. the number is clearly larger than that for many of these folks. and then th
like feng shui can make or break a deal. >> robert frank joins us now, he's got the inside scoop on this trend in high-end real estate. this has gone on for years in hong kong, where they have entire holes in buildings to allow the wind to go through. it's finally caught up here in manhattan. >> that's right. manhattan has always been sort of what we call the global market. but it's never really been global until the past three to four years, when we've seen tons of money from asia, russia, latin america, come into new york. and these buildings have to cater to this buyer. with feng shui or with numerology, we see the eighth floor becoming very big. 157, that sky tower, put the whole 88th floor reserved for a major russian buyer, which they've sold. 432 park, which is going to be the tallest building in new york, is not getting any asian buyers, because the number 4 sounds like the word for debt. but the russians like that building. so we see them literally changing the landscape of manhattan real estate. >> in terms of feng shui, how do they change the development? do they chang
for super bowl xlvii sun is day. but what about how you plan tie life at the big game? robert frank joins us with a look at how the uberrich are arriving in style. i got to see this. >> thanks. super sports fans, the path to the super bowl is on board a private jet. more than 1,000 private jets will go to new orleans on sunday, nearing the all-time record. knelt jet's executive adam johnson told me yesterday demand for its planes may be even stronger that last year. check out the latest addition to the net jets fleet, the bombardier 6,000, stocked for the big game. customers like their planes outfitted for the super bowl with jerseys, t-shirts, footballs, hats and other nfl paraphernalia. when it comes to food and drinks, private jets make for the ultimate tailgating party. customers are asking for catered sliders, bigs in a blanket, nachos, all paired with fine bore dose and dom perignon. they may be rich but still just guys going to a football game. the price for all this luxury, around 18 to $20,000 a round trip for a light jet, about seven passengers or $30,000 for a little roomier ride,
. i know you're going to hear from robert frank later on the day of the impact on the wealthy, i'm not sure it's done, simon, in what taxes the wealthy will pay in this country. >> obama insinuated when he addressed everybody on monday -- we're out of time, steve. talk later. thank you very much. steve liesman. >> thank you. >> what an exchange. wow. >> that's the new year love. >> that was fiery. i like it. i like that, that's good. interlek actual sparring. healthy. >> the big rally, look at the big rally on the first trading day of 2013, post-fiscal cliff deal. executive vp officer. happy new year to you both. art, i'll start off with you. we've had two huge rallies, one to end the year, one to start the year. what do you make of this market move? >> i think a couple things, melissa. i think it's obvious we spent the month of november and december ignoring a lot of good news. we ignored better news coming out of china. good news, constructive news out of europe. certainly better economic data in the u.s. as we waited to see how the fiscal cliff would unfold. we've got half of
. >> robert frank joins us tonight. he's got the inside scoop of this apartment in tonight's episode of the mega homes at 9:00 eastern time on cnbc. i don't know how you got inside my apartment like that. >> yeah, exactly. >> maybe makes sense. i mean -- it's crazy. we got lost in there. we lost our camera crew. we lost dolly. it's 8,000 square feet. what's amazing about this place is, first of all, the guy, the buyer's representative said 95 million? that's reasonable. that's -- oh, that's not bad. >> not bad. >> this is ultimately -- >> what do people say if i'm going to sell a house, it's like getting ari? >> it's like what goldman sachs was in the great m&a days unless goldman was on a deal, unless dolly is on a deal it's not really a deal. but what's also interesting about this apartment, guess what the monthly maintenance fees are? this does include taxes, and it is a hotel. but it doesn't include your mortgage. you're paying $95 million. and then what do you pay -- >> during the commercial break i guessed 17 grand a month. >> i would like to raise that -- >> 17 grand a month?
retiring congressman barney frank. joe iii is the grandson of the late robert kennedy who was assassinated while running for president in 1968. he is the first member of the kennedy family to serve in congress since patrick kennedy of rhode island retired back in 2011. >>> this year's freshman class helps make the 113th congress the most diverse in history. new members include as we just reported there, kennedy was the first openly bisexual member, a former army helicopter pilot who is also a double amputee, a record number of women, a record number of minorities, congress's first buddhist member along with a couple of entertainers and a novelist as well. let's bring in one of those new members, a newly sworn in from oklahoma's 2nd district, a small businessman, we should note. not an entertainer. good to see you, congressman. congratulations. >> thank you. thank you for having me on. >> how has your life changed in the last 48 hours? >> you know, it's something we've been working towards this whole time and so this is just another step in our life. something we've been expecting so i don'
.m. >>> good evening. >>> i am julie haener. >> and i am frank somerville. >> the freeze is on. we have live team coverage tonight of the cold. we begin with ktvu's robert handa who is in san jose where precautions are being takeb right now -- taken right now. >> reporter: we are in san jose near kelly park where it is very cold tonight. behind me volunteers from community homeless alliance ministry who are setting up this station are ready to start handing out blankets. it reminds you this weather could be dangerous. >> reporter: a frosty mount hamilton was a glittery picture. it is also a scenic reminder the cold weather has taken a sharp drop, still it attracted people to come up and see it for themselves. >> beautiful. >> reporter: what is impressing you the most? >> the frost on the freeze. the view of the valley. >> reporter: too cold? >> not cold at all. cold but not unbearably cold. >> the cold weather began to leave its mark as black ice began the form. >> the conditions could be very dangerous. very cold temperatures. so they have to think about it twice before they come up. >> re
speaker newt gingrich, barney frank, bob woodward and cokie roberts all join us on the set in washington. >> look at that, murderers' row. kevin spacey -- >> by the way, watch what live so you can talk about it tomorrow night at your dinner party. >> yeah. >> we'll be back. [ man ] ring ring... progresso this reduced sodium soup says it may help lower cholesterol, how does it work? you just have to eat it as part of your heart healthy diet. step 1. eat the soup. all those veggies and beans, that's what may help lower your cholesterol and -- well that's easy [ male announcer ] progresso. you gotta taste this soup. tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important to me. tdd#: 1-800-345-2550 it's packed with tools that help me
. so when will anything change? we'll ask republican strategist frank lund what he calls an almost historic divide in his own party. plus, obama senior campaign advisor robert gibbs on the cost of the fiscal cliff compromise. there's still a lot of tough questions ahead so we'll talk about that when we see you at 7:00. >> thanks. we'll be tuning in at the top of the hour. have a great show. >>> a virginia man who spent 11 years on death row could be free today. that news put a smile on the face of his mother and the rest of his family. however, a federal appeals court could still intervene. >> wolfe convicted of masterminding a murder for hire in northern virginia but in 2005, the trigger man and the prosecution's star witness changed his testimony. he told the federal court that wolfe had nothing to do with the murder. delia goncalves is here with more on the witness and how he is saying he was coerced into that testimony. >> reporter: by prosecutors. he's saying they essentially told him to tell the truth but he felt bullied over the years because he cut a plea deal with prosecut
and with the world bank. he will have high level discussions and finish dodd-frank and finish the baz el three. those are all really important issues. and his lack of experience is an issue down here. i know people that would have, for example, supported robert. he is a wall street guy and would have faced as much opposition. >> john, is there anybody who could be nominated that wouldn't become a political fight. that this will be ultimately an ideological fight. >> any nominee gets a fight given how polarized our country is, ideological and partisan lines and jack lew will get some resistance based on the fact he doesn't have the wall street experience, business experience, based on the fact that some republicans didn't like being on the other side of the negotiating table with him during budget fights. but this is somebody whose ego is not out front. he is very low key. somebody that is going to be calm. this is part of the answer to what he o would do in a crisis. and i think jack lew will get through confirmation process for that reason. >> we will take a quick break. announcement is expected rig
's hollywood minute. >> among the numerous not with the final installment in the series stars robert patterson and christian stored for the worst actors and actresses. --christian stwwart . >> rhianna has been nominated. absent from the list is kanye west,jz , and frank ocean. >> tina fey is reported to join the new hollywood muppet movie. ty perrell and ricky trav have signed oney for the m ovie. >> i am shelby lin kron 4 news. >> still ahead on the kron 4 morning news a result from a test done on a bone fragment possibly linked to the michaele garchet has come back. we will have the results coming up. >> plus the task force is in full swing as vice-president joe biden expected to meet with the nra to day a preview of the meeting coming up. >> and we are watching colder temperatures as they hit the bay area this morning. will be checking in with erica let's look at our forecast. as well as robyn was watching our morning commute. we'll be right back here on the kron 4 morning news sleep train has your ticket to tempur-pedic. experience the pressure-relieving comfort of tempur-pedic, and sleep
senator in the house, joseph kennedy was elected to barney frank of seed. congressman kennedy is the grandson of former attorney general and u.s. senator robert f. kennedy. next, government officials from libya, lebanon, and the palestinian authority to discuss political and social change in the arab -- arab world. moderated by fareed zakaria, this panel was hosted by the world economic forum in davos, such a land. >> ladies and gentlemen, ladies and gentlemen, welcome. traditional british style. my lord's committees, and gentlemen. i see in the front row. a great pleasure to have you all here. we have an extraordinary panel in front of us, five trimesters, if you'll allow me it called a had a -- head of the government of morocco prime minister. let me give you a few of the ground rules before we start. some people are going to use translation, summer not. this is going to be an open discussion, a conversation, but it is being televised, so we have a few rules. the most important of which is, turn yourself phones off so it does not interfere with the equipment. this is a mixtu
also love frank khapra. and writing for all these people, and re-writing, to write in the rhythm of robert de niro, that's someone who taught me the rhythm of scorsese, reminds me of my italian catholic background, it's a lot of rhythm. that's stuff that means everything to me. >> and on top of that, you had our good friend harvey weinst n weinstein. how'd that go? >> harvey's passionate. he's passionate and he has taste and he'll fight for a picture. and that's a wonderful thing to have in your studio head. and no matter what else you can say, i mean, he's in there and he has his heart and his passion in there and i kind of love the guy. >> can you talk a little bit about bradley cooper? this is a career changer for him. the common perception of the general public goes back to "wedding crashers" and "the hangover," and talk about the process of arriving at the decision to use him, and were you surprised by his range? >> i got to know bradley, i knew he'd be a surprise. when i made "the fighter," i knew that amy adams would be a surprise and christian bale, to a degree, with the
on robert. thank you for leading us on this. i have a two-part question. as you know better than me, barney frank and chris dodd would say we dealt with too big to fail and women did and i just worry that the affidavit approach, well, as you were saying as regulators we really, really, really need them. and that's not sufficient to convince either the bankers or the markets comes so i'm curious, the part you didn't emphasize, the backdrop, what's the actual plan for government to actually separate institutions, what's your thoughts are about the? the second component of the question is, your thoughts on emerging problem of too big to jail. >> that's your expression, not mine, for the media. [laughter] spent on the record, he said it. with special attention to age sec, where government prosecutors decided not to prosecute, a company they allege was facilitating drug trafficking and alleged terrorist activity, relatively exclusive to the grants to prosecute a company for systemic risk and into great danger for the world economy. and in that light, doesn't seem logical for prosecutor makes tha
have to -- this is water. yes, sir. >> i'm robert weisner, public citizen. thank you for leading on this. i have a two-part question. maybe it's two questions disguised as one. as you know better than me, bernie frank and chris dodd would say we don't do too big to fail and we meant it and i just worry the affidavit approach as regulators who really, really mean it and that's not sufficient to convince bankers are the markets. i'm curious of the party did not decide, the backdrop to actually separate institutions in which your thoughts are about that. second component is your thoughts on the emerging problem of too big to jail. something that's taken so much time to put together. i got a little distracted there. if the legislative process and how do we get it done? was such a question? [inaudible] >> the market severity indicated a taste for this. since we first published the article that i refer to, we have received enormous support from the fellow that made the morgan stanley what it is today. some of the top regional bankers in the country like tom frost is a change in the ind
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